Waaree Energies Ltd, a prominent player in India’s solar energy sector, is set to make its stock market debut on October 28 with analysts predicting a substantial premium on listing day, buoyed by robust demand during its IPO. The share sale closed with a notable 76.34 times subscription, highlighting strong institutional investor interest and positioning the company for a favourable listing.
The IPO, priced between Rs 1,427 and Rs 1,503 per share, garnered Rs 1,277 crore from anchor investors prior to the issue opening. Analysts are optimistic, with expectations that Waaree Energies shares could debut with a premium close to or exceeding 100 percent, driven by the company’s leading role in the solar photovoltaic (PV) module manufacturing sector.
Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares and Stock Brokers, noted the intense demand and high subscription rate, suggesting a likely premium on listing. “Given the strong fundamentals and market position, the stock could see a significant jump,” Solanki said, adding that Waaree’s extensive market reach and consistent growth prospects contribute to its appeal.
Adding to the optimism, Sagar Shetty, Research Analyst at StoxBox, estimated a debut premium of about 102% over the IPO’s upper price band. “Waaree’s solid footprint in solar PV manufacturing, with an aggregate installed capacity of 12 GW, coupled with its competitive edge in the sector, sets it up for a strong stock market entry,” said Shetty.
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